SBV Governor appointed Nguyen Tien Dong (L) as new chairman of the Vietnam Asset Management Company as of January 1, 2017. (Photo: cafef.vn)
Hanoi (VNA) - The State Bank of Vietnam has announcedthe appointment of the new chairman of the Vietnam Asset Management Company(VAMC). Under Decision2539/QĐ-NHNN, SBV Governor appointed Nguyen Tien Dong as new chairman of thedebt asset management company as of January 1, 2017. Dong will assume the position forfive years. Prior to the appointment,Dong worked as director of SBV’s Credit Department from mid 2014. On the same day, theGovernor also appointed former VAMC chairman Nguyen Quoc Hung to be newdirector of SBV’s Credit Department as of January 1, 2017. VAMC, with charter capitalof 2 trillion VND (88.1 million USD), is 100 percent State owned and ismanaged, supervised and inspected by the central bank. The company, which ispermitted to buy bad debts from banks, will recover debts, put collateral upfor sale and restructure debts. It will also adjust the conditions on loans andconvert debt into equity. It is allowed to consultand act as a broker to trade debts and assets, make financial investments andpurchases, auction off assets and provide guarantees for businesses andindividuals so they can access bank loans. Since its debut in 2013,VAMC has bought bad debts totalling 260 trillion VND from credit institutionsand issued special bonds worth 230 trillion VND to buy the debts.-VNA
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SBV Governor appointed Nguyen Tien Dong (L) as new chairman of the Vietnam Asset Management Company as of January 1, 2017. (Photo: cafef.vn) 
